Tips that can help with the retirement planning of the baby boomers

Reports show that a lot number of baby boomers are getting divorced. This is increasingly affecting their retirement savings. Retiring with sufficient amount has already been a great problem for the baby boomers. the baby boomers are close to retirement and in such a situation, if they opt for separation, it definitely is not going to have a good effect on their finances. It is therefore, extremely important for you as a baby boomer to plan ahead of time. As you will be retiring very soon, you will have to take cautious steps toward retirement planning.

Suggestions on retirement planning

In order to follow a proper retirement plan and avoid problems during the retired years, as a baby boomer you will be required to:

  1.   Determine the way you will be living after retirement – Determine the way of life you would like to lead, after the retirement. Based on that, you will have to decide on the amount you would be required to save. The more you can save, the better it is going to be for you to lead a stress free retired life.
  2. Determine the difference between basic needs and wants – You will have to understand the difference between your basic needs and wants. You cannot do away with the needs, but it would still be possible for you to do away with the wants. You would therefore be required to become a completely responsible person.
  3. Add your health issues high in the list of your priorities – In order to lead a stress free life, you will have to follow a proper plan. Thus, you would also be required to maintain a list of your duties and the things of concern. This list should be compiled on the basis of priority and your health issues should remain the top priority. The costs of health needs are high, and so if you can go on to maintain good health, it is going to be easier to save up more.
  4. Start saving more money than what you been saving till date – You will have to try saving up more money, than the amount you have been saving till date. So, you can start following a frugal budget. Frugal living is one of the most trickiest strategies, which help you save up more.
  5. Start making more investments to make the money grow – You will have to start making greater investments, if you want to make the money grow. Investments are one of the strongest ways for you to raise your savings.
  6. Plan as to how you are going to distribute retirement accounts – There are various retirement accounts which you will have to put money into. Some of the most common forms of retirement accounts are the likes of 401K, IRA and the roth IRA. The retirement accounts provide you tax advantages. So, it is easier to save more for your retirement.
  7. Try to improve income to better manage your finances – Even if you have a job, you will have to try and improve your income. The cost of living is high and so the money you make seems to almost nothing. Therefore, it is important for you to try and make more money. There are various online options, through which you can make that extra money.

The above are the tips which you will have to follow in order to avoid making any mistakes and saving more for your retired years, as a baby boomer.

Anjelica Cullin,  Author

Five Easy Steps To Financing And Care For Your Elderly Parents

Worried about how to take care of your aging parents’ health care and livelihood expenses? To save oneself from stress and worry in the years ahead, financial planning and investment in family insurance is the smart option.

Now, you have five easy steps to help you tide over these worries.

If you plan in advance, then finance in the later years is not as stressful. Once retired, your elderly parents do not have a regular income and you would need to subsidise their daily expenses and health care.

Recent studies with several households reflect this new trend of the younger generation needing to plan for their parent’s old age, with increasing life spans bringing with it geriatric ailments requiring specific healthcare and recession having swallowed up their parents’ hard earned savings. With worries of one’s own impending retirement, college costs for children, it is worrisome indeed and without correct and timely planning or investment in the correct schemes which will give returns at the time one needs them the most, one could face extremely trying times ahead. However, if one is prepared legally, saves smart and invests in the correct healthcare insurance, looking after one’s own family needs as well as that of aged parents need not be a burden.

Keeping in mind these five steps should definitely help:

  • Handle memory loss or illness in old age by assigning power of attorney for important decisions. One cannot plan for Alzeimer’s or dementia, it creeps up on you so, a smart way to pre-empt the agony of legal wrangles with property and decisions regarding life threatening diseases even, is to have a clear power of attorney assigned while your parents are able bodied and have clarity of thought.
  • Get expert help on financial planning and improved savings. There are several schemes in the market today but one needs to figure out early, even from an expert at your workplace which would be the financial plan best suited to your needs and family.
  • Choose the correct insurance policy for your family which gives you maximum benefits and remember the earlier one invests in an insurance scheme, the lower the premium and greater the benefits. Competition between insurance companies will have insurance advisors knocking on your door dispensing free advice. All one has to do is study the options and take an informed decision.
  • Research financial and care resources on the net and in libraries as one needs to know the different aspects of the policies, the different types of healthcare schemes available and the benefits of each.
  • Get a professional financial advisor today! As the saying goes, the early bird catches the worm. In this case, it is the early investor who will have less grey hair himself while caring for a silver haired parent! Tax relief for dependent parents is still a matter of debate so a wiser option would be to save well and save now.

Marie is an accomplished financial consultant writing about socio-economic problems as well as legal and financial articles on debt, bankruptcy, loan, stock market, binary brokers, credit card, personal injury on various websites. She has been writing for the last 5 years.